Preparing the board reports for your first board meeting in Perth can be confronting. Whether you are a family business founder, CFO, Perth business accountant, or CEO, preparing the board reports in the first board meeting so they hit home and drives value for the family business can be challenging. When preparing your board package, it’s essential to consider the frequency of your board meetings. The meeting schedule, often determined by management, is a key factor in structuring your board reports. Your family business might have a charter or shareholders agreement that stipulates how often the board meets, with the possibility of ad hoc meetings for urgent matters. This underscores the importance of the board’s role in decision-making.

As we approach the new financial year, exciting tax changes are on the horizon, offering Australians an opportunity to optimise their superannuation funds—whether they’re SMSF managed by a Perth tax advisor or APRA funds. Effective 1 July, the enhanced concessional super contribution tax limits will potentially help people increase their retirement and reduce their overall tax burden as the same time. Understanding the various tax avenues available to boost your retirement savings, such as the small business CGT concessions and the downsizer super contributions, is crucial. However, one of the most structured and ongoing tax benefits is the additional concessional super contributions. Let’s review the primary contribution types and explore how a Perth tax adviser will leverage the expanded caps to tax effectively structure your wealth.

For most SMEs in Perth, Xero is the dominant cloud accounting package. Xero’s ease of use and functionality help Perth family business owners and their accountants gain control of their business and finances, making it a market leader. However, Xero is not everything to all business owners. As a Perth SME grows, it has more demanding needs for financial + business accounting data, and Xero cannot cater to every unique need.  This is where a great business accountant in Perth can help you.

Residential property investments are a significant part of every business family’s portfolio in Perth. The recent tax changes in this sector have profoundly impacted how tax accountants structure the taxes for these families and manage their investment portfolios. Understanding these changes is crucial for every residential property investor in Perth. Of course, many business families own and operate commercial properties in addition to their residential ones, including commercial property held in an SMSF, and some of these changes also apply to them.

Most property developers around Perth understand how the margin scheme can reduce the Goods and Services Tax liability when they sell a property.  But the question many tax accountants around Perth is: “Do I pay GST on the sale of my property, and can the GST margin scheme help me lower the GST cost?” This blog will outline how Perth property developers should use the margin scheme to reduce their GST impact and trips and traps about using the GST scheme.

Many small to medium-sized businesses across Perth have used bucket companies to save on tax with the help of their Perth tax accountant. However, the tax benefits and structuring of bucket companies require thought and planning, and they also have tax downsides that need thought and preparation. This blog will outline the tax saving strategies with a bucket company and explain how to set up a bucket company for a Perth business family.

For the last few decades, many tax accountants around Perth have held the mantra that SMSFs are the “go-to” tax vehicle for family business owners. However, with a massive change in technology, taxation, legal and investment changes, the question remains—are SMSFs still worth it for family businesses in Perth, and where are SMSFs ever worth it for families in business? The question of whether an SMSF is right for you is even more complex for Perth families that own businesses.

Receiving your annual land tax assessment is never welcome. Even with effective land tax planning strategies, the cost of land tax is a significant burden on families in businesses with substantial land holdings. And even if you can pass on land tax to your tenants, your customers and tenants carry the cost, which is reflected in the net rent they can pay to you. However, you can object to a land tax assessment. RevenueWA can and does get it wrong, and there is a formal process for objecting to your land tax assessment.